Top Tokens Presenting at Solana Breakpoint 2024

By Will McKinnon Updated November 1, 2024

Solana

Introduction

With Solana’s annual Breakpoint conference starting this Friday, we wanted to take a look at some of the most exciting tokens that will be presenting there. Historically tokens sometimes reveal new information or “alpha” at these conferences, so having an idea of which to keep an eye on can potentially be lucrative. In this article we’ll dive into the Top 3 token teams attending the event, with some background on what they are and what they might reveal.

Hivemapper (HONEY)

One of the biggest narratives on Solana this year has been Decentralized Physical Infrastructure Networks, or DePIN, and Hivemapper has grown substantially because of it. In fact, with 27% of the globe already mapped since their launch, they are the fastest growing mapping company in history. This is likely owed to their incentive model, through which users can earn tokens by installing custom sensors (similar to a dashcam) in their cars and simply driving around as usual. This leads to a highly active user base of data-collectors, so much so that Hivemapper maps 100x more frequently than industry leader Google Maps. This frequency of data collection allows Hivemapper to generate very high quality street-view imaging, which you can access for yourself via their Scout product.

Co-Founder and CEO of Hivemapper Ariel Seidman will be giving a technical talk on the 21st, which you can find here. Given the technical nature of the talk I expect him to dive into what differentiates Hivemapper from the rest of the DePIN market, as well as highlighting new product lines like Hivemapper Scout.

Magic Eden (ME)

While NFTs have performed terribly across the board this year, a surge in volume on Bitcoin Ordinals (Bitcoin version of NFTs) brought the spotlight back to Magic Eden and their airdrop program. Magic Eden is now the de facto leading marketplace for ordinals, and they still retain a large market share for Solana NFTs. Differing from other projects on this list, Magic Eden has not actually deployed their token yet, however as we are now many months into their rewards program people are expecting the launch to come soon. The easiest way to earn airdrop points (or “diamonds”) is to simply buy and sell NFTs as you normally would, however as we are so far into the program it will be difficult to earn a significant amount of diamonds before the token comes.

Despite a lack of information on the tokenomics and really any details about the token itself, the hype around it is noticeable with pre-markets such as Whales Market already offering trading for airdrop allocations. As it currently stands, the only NFT marketplace on Solana with a token is Magic Eden rival Tensor, which completed their airdrop earlier this year in April. This airdrop saw the Tensor token launch at a $1.9B fully diluted valuation (FDV) with 12.5% of the supply going to users, or about $250M on launch day. While over the last few months Tensor and Magic Eden have roughly split market share on Solana 50/50, Magic Eden also maintains a thriving business for Bitcoin NFTs which could lead to an even higher launch price. It is worth noting that while TNSR launched quite high, it currently trades under a $400M FDV.

DeBridge (DBR)

DeBridge has been one of the leading cross-chain bridges for many months, due in part to their novel intent-based architecture which enables cross-chain swaps at the lowest fees possible, as well as the airdrop point program. After ending the first season of the points program a few months ago, DeBridge ended up winning a spot on Jupiter’s new LFG launchpad which has seen some massive launches this year. Rumors were circulating that the airdrop would be coming at the end of August, however as we are currently 2.5 weeks into September clearly those were inaccurate. All eyes are now on DeBridge to announce the launch date, and with market conditions switching positive now there is a chance that DeBridge Co-Founder Alex Smirnov will reveal the date during his keynote at Breakpoint.

Interestingly, the speech has been titled “DeFi doesn’t wait” despite the fact that they have been making us wait for months. Jokes aside, DeBridge is one of the better products in crypto and with $4B in bridge volume generating $12.5M in revenue during Season 1 the token will likely perform well.

Conclusion

Breakpoint is the premier conference for Solana which means attention is always high on the projects and teams in attendance. In past years we’ve seen a number of tokens “break out” after revealing bullish news at Breakpoint, so even if you can’t attend it could be worth tracking who is speaking and what they’re speaking about. There are too many teams to name in this article, however Hivemapper, Magic Eden and DeBridge are 3 of the biggest protocols on Solana and absolutely worth keeping an eye on.